Untapped Resources in Central Asia Promise Great Rewards

Untapped Resources in Central Asia Promise Great Rewards and Challenges

• Iranian government minister calls for development framework
• Central Asia must attract more foreign investors to develop energy sector
• Central Asia could produce around 3% of global energy needs

World Energy Congress, Daegu, South Korea, 15 October 2013: Central Asia offers vast potential for energy procurement, but challenges lie ahead for the region's nations as well as the foreign players that seek to tap its potential, delegates to the World Energy Congress heard today.

Davood Manzoor, Iran’s Deputy Minister of Planning and Economic Affairs, said the area offers resources that include coal, natural gas and hydroelectric power. It is time for all interested parties to create a framework that enables natural resource development to begin, he said.

Selahattin Hakman, group President of Energy at Turkey’s Sabanci Holdings, said: “Cooperation and collaboration is of the essence.” The Eurasian region has a long history of international trade and agrees that a “liberalized competitive market" should be created, he continued. This updated market structure would attract investments and foster partnerships with firms in the gas and electricity sectors.

However, significant obstacles remain in exploiting these resources and delivering them to export markets. As a solution, Jeong Chang Seok, the Executive Vice President of Production Group at Korea National Oil Corporation, said his nation should strike mutually beneficial agreements with such countries as Uzbekistan and Kazakhstan. He proposed a pact in which South Korea would develop these countries’ infrastructure in return for access to their natural resources.

Almasadam Satkaliyev, the chairman of Kazakhstan’s Samruk Energy, said his country welcomes more foreign investment. As an example of the type of cooperation envisioned, he cited the construction of a trans-regional pipeline that will deliver natural gas to China.

About the World Energy Council (WEC)
Founded in 1923, the World Energy Council is the only truly global and inclusive forum for thought-leadership and tangible engagement committed to our sustainable energy future. Our network of 93 national committees represents over 3,000 member organizations including governments, industry and expert institutions. Our mission is to promote the sustainable supply and use of energy for the greatest benefit of all. The World Energy Congress is the world's premier energy gathering.

Further details at www.worldenergy.org and @WECouncil

About the World Energy Congress
The World Energy Congress is the triennial flagship event of the World Energy Council. It has gained recognition since the first event in 1924 as the premier global forum for leaders and thinkers to debate solutions to energy issues. In addition to the discussions, the event provides an opportunity for executives to display their technologies and explore business opportunities. With the upcoming Congress in Daegu the event will have been held in 20 major cities around the world since its founding.

Further details at www.daegu2013.kr and @WECongress

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